BPP PROFESSIONAL EDUCATION

FINANCIAL QUALIFICATIONS:
WHICH ONE IS RIGHT FOR ME?
The financial services industry can appear to have a maze of qualifications.
Here is a summary of the industry into key job roles, and an explanation of the
regulatory framework to help you select the qualification thats right for you.

CHOOSING YOUR QUALIFICATION

In the job roles we talk about in this factsheet we refer to several different qualifications. They split
broadly into introductory / core competence qualifications and higher level professional qualifications.
Introductory qualifications are designed as entry level examinations, and often satisfy regulatory
requirements to demonstrate competence in particular roles. These will usually be Level 3 or Level 4
qualifications on the Ofqual qualifications framework.

EXAMS AS A WAY OF
GAINING AN INTERVIEW
OR PROGRESSING

CISI Capital Markets in UK Financial Regulation, Securities, Derivatives, Financial Derivatives and
Commodity Derivatives.
CISI Certificate in Corporate Finance
CISI Investment Operations Certificate (IOC)

In this job market, there are many

graduates with good degrees and
impressive CVs. What will give you an
edge, is if you have shown the initiative
to put yourself through a professional
qualification. Not only will you have
gained useful knowledge, but it also
shows a high level of commitment
to that particular career path. Most
exams are open entry, and our courses
and study materials assume no prior
knowledge so it is a very worthwhile
investment.

CISI Investment Advice Diploma (IAD)

Investment Management Certificate (IMC)
Professional Level qualifications are designed to demonstrate higher levels of competence and can be
useful for career progression. Exams are written papers set on specific dates.
CFA Program
CISI Diploma
ICAEW Diploma in Corporate Finance
CISI Masters in Wealth Management

EXAMS AS PART OF THE REGULATORY PROCESS

These qualifications can also help

you progress further in your career.
For example, you may be working in
the back office (administration and
control functions) and want to move
into the front office (dealing with client
interaction). Professional qualifications
will help you demonstrate the necessary
knowledge to make that jump.

The regulator (currently the FCA) requires that for certain roles, often involving contact with
clients or managing investments, individuals have to demonstrate a minimum level of competence.
Examinations are a good way of testing that competence. There are many different exams, but in this
factsheet we will outline the common routes to demonstrating this competence. Most employers will
see it as their duty to put staff through these exams, but it will also give you an advantage if you have
already passed the exams when you apply for these roles.
The two main industry bodies overseeing the examinations in the UK are the Chartered Institute of
Securities and Investments (CISI) and the Chartered Financial Analyst (CFA) Society of the UK. The
CFA Institute also managed this internationally recognised CFA Program. In all cases, the syllabus
and examinations are set the by the Institutes. BPP provides courses and learning materials to
support your preparation towards these qualifications.

Even if you are already qualified, i.e. as

an Accountant, these exams can help
you tailor your CV towards the financial
services industry.

OVERVIEW OF THE INDUSTRY AND SUGGESTED EXAM ROUTES

Here is a useful way of breaking down the industry into sectors and roles:
Investment Banking
Corporate Finance

Trading

Sales

Institutional Asset Management

Hedge Funds

Research Analyst
Investment Management
Fund Management
Private Banking
Wealth Management / Private Banking

Stockbroking

HOW TO BOOK
To book or to find out more visit bpp.com/pq
Call +44 (0) 20 8746 4178 or email financialservices@bpp.com

BPP PROFESSIONAL EDUCATION

INVESTMENT BANKING
Corporate Finance

Research Analyst

Trading

Sales

These roles involve advising

corporate clients on takeovers,
mergers and financing. Many
qualified accountants move
into these roles, but there
is also a bespoke Corporate
Finance qualification run jointly
by the Institute of Chartered
Accountants in England & Wales
(ICAEW) and CISI. There is an
introductory Level 3 Certificate in
Corporate Finance which will help
get a foot on the ladder. Once in
a corporate finance role, success
will be driven largely by deal
history rather than examination
success.

The role involves undertaking a

detailed analysis of companies,
sectors or economies and would
suit you if you like dealing with
detail, and enjoy working with
spreadsheets. The CFA program
is highly respected and in
some cases a prerequisite for
analyst roles. As an introductory
qualification, the Investment
Management Certificate (IMC)
will also be useful.

Trading can involve either

trading on behalf of institutional
clients in return for commission
(broking), or trading the banks
own funds for profit (prop
trading). Qualifications are less
important for success in these
roles, what matters is the ability to
work hard and read the markets.
However, CISI Level 3 Capital
Markets will help as an early
entry level qualification as they
cover regulations, securities and
derivatives in particular.

The investment bank will be

trying to sell its research report
and broking/trading services.
Sales people will be required to
build relationships with clients.
Qualifications will help build
credibility in these roles. IMC, CFA
Level 1 and CISI Capital Markets
would all be beneficial, but good
people skills are of paramount
importance.

INVESTMENT MANAGEMENT

PRIVATE BANKING

In all investment management roles, the

most popular qualification is IMC as an
introductory and regulatory requirement. This
is often followed by CFA, which is a longer
commitment but has the advantage of being
globally recognised.

Essentially the roles in private banking involve looking after wealthy individuals assets. Private client
wealth management or private banking is focused on high or ultra-high net worth individuals, i.e.
wealth running into millions. Stockbroking services are available for more modest levels of wealth,
and could involve offering advice, or managing a portfolio.

Hedge funds are less regulated but if managing

money and making investment decisions, IMC
would be the qualification of choice.

SUPPORT FUNCTIONS
All financial services firms rely heavily on
support functions, sometimes known as
operations or the back office. It is important
that people in support functions understand
the products and the key terms used in the
industry. The CISI Investment Operations
Certificate is aimed at people wishing to
progress their career in operations.
As will all other businesses, there will also
a large teams involved in IT, marketing,
legal and other functions. The introductory
qualifications will be useful for anyone in these
roles wishing to demonstrate an awareness
of the business. IMC in generally seen as
providing the best overview of all sections of
financial services for the non-specialist.

The exam requirements have been raised for people dealing directly with retail clients (Retail
Distribution Review). The CISI Level 4 Investment Advice Diploma is an appropriate exam, and
if taking it further you could move onto the CISI Masters in Wealth Management or CFA. These
examinations would also be appropriate if you are thinking about becoming an IFA (Independent
Financial Advisor) however, the qualifications offered by the CII may be more appropriate.

REALISE YOUR AMBITION WITH

BPP PROFESSIONAL EDUCATION
BPP draws on over 35 years of experience and focuses on employability and career progression
by providing the knowledge, skills and practical application that will enable you to pass your
professional qualifications. Our tutors are a dynamic mix of business practitioners and academics,
and train students from 75 of the FTSE 100 companies. We also train over 30,000 Accountants
and investment professionals towards over 10,000 exams each year.
We believe in offering flexible, affordable and business-focused solutions. You can attend classes in
one of the centres throughout the UK or study on the move with a range of distance learning methods
including innovative online learning options. Advance your career with a professional qualification.

Amy Fairhurst,
BPP ACCA Student

HOW TO BOOK
To book or to find out more visit bpp.com/pq
Call +44 (0) 20 8746 4178 or email financialservices@bpp.com